Report links economic growth, entrepreneurship

The Miller Center’s Milstein Symposium on the Middle Class released a report Wednesday consisting of five proposals to create more middle-class jobs through reforms to the entrepreneurial community. The Miller Center partnered with the Batten Institute to create the report.

U.S. wage stagnation, decreases in wealth and spikes in debt provided the impetus behind the proposals, according to the report.

“The University has been fantastic as far as encouragement and support,” said Chidester. “The Commission partnered with Batten and Darden to produce this report. Some of the top minds in the world are right here in Charlottesville.”

Startups and small businesses account for half of American jobs, and provide two-thirds of new jobs on average said Jeff Chidester, Miller Center director of policy programs, in an email.

“Lately there’s been a startup slow-down,” he said. “There are fewer small businesses to create jobs. We need to get back to what’s at the heart of good economic growth: a good entrepreneurship sector. We want to come up with innovative yet practical ideas to rebuild the American Dream.

The report’s proposals include revising regulations to increase impact investing, increasing Main Street entrepreneurs’ access to capital and helping small businesses navigate federal, state and local regulations.

“These measures are impactful,” Chidester said. “They’ll make a consequential difference, even in today’s political climate.”

The entrepreneurship report was produced during a six-month period through a series of brainstorming sessions, planning meetings and phone calls, Chidester said. The report is the product of the second Commission in the multi-year Milstein Symposium on the Middle Class, and several more reports will be released by other commissions focusing on topics such as transportation and engineering, he said.